Eko India Financial Services

bankingtech

FOUNDING YEAR: 2007
LOCATION: India
Last Update: 08/09/2020

Subscribe to the MEDICI Inner Circle Membership and gain access to an exclusive WhatsApp community where you can engage in discussions with global industry experts!

About

Eko India Financial Services Private Limited provides mobile-based platform for banking, savings, payment, merchant transactions, bill payment, and cash collection services.

MEDICI Analysis

Eko India Financial Services Private Limited provides mobile-based platform for banking, savings, payment, merchant transactions, bill payment, and cash collection services.

Focus

PRODUCTS & SERVICES

Mobile Banking, Cash Management, Money transfers, Payments - Provides all these services via local merchants who act as agents. Currently the company is focused on developing wallet solutions and apps for consumer money transfer/remittances. (Fundu, an app that allows every user to be an ATM by leveraging NPCI's UPI infrastructure is in the alpha-testing phase) Eko provides a low cost financial transaction alternatives at remote customer locations.

REVENUE MODEL

Eko generates revenue by charging fee for deposits and withdrawal transactions. The fees varies based on the banking partner and type of service provided - varies from 1-2.5%.

MAIN CLIENTS

Consumers and retailers

EXISTING PARTNERSHIPS

NPCI

ICICI bank

Yes bank

SBI

IndusInd

RBL - to power Eko Wallet services. Business Correspondent for SBI and ICICI

as a distribution partner for Bharati AXA Life Insurance. Pine labs - to provide money transfer services at POS. Prabhu Money Group - To provide Indo-Nepal remittance services.

PRIMARY PROBLEM SOLVED

Eko converts cash to digital and enables payments for 11 services provisioned by 23 service provider partners. These include, domestic money transfer, utility bill payments, recharge for prepaid telephony and prepaid television, cross-border transfers from India-to-Nepal, health and auto insurance, online shopping, Aadhar enabled Payment Services and MSME lending. Eko has an open platform and extends APIs, SDKs, widgets, and white-label UI for both service provider partners and network partners to plug into the platform. Over 180 partners, mostly regional networks spread across the country, plug into Eko’s platform to acquire customers (issue Eko wallets) and merchants.

COMMENT

Eko provides banks and customers at remote locations with ways to do financial transactions without requiring to open branches and involving bank staff. Promotes financial inclusion services (targeted to the unbanked and underbanked).

Traction

NUMBER OF TRANSACTIONS:

10 M

TRANSACTIONS VALUE:

$1 M

ACTIVE USERS:

0.1800

People

FOUNDERS

Abhishek Sinha

Abhinav Sinha

Manoranjan Kumar

Sanjay Bhargava

BOARD MEMBERS AND ADVISORS

Abhishek Sinha

Abhinav Sinha

Tanmoy Majumder

NUMBER OF EMPLOYEES

51-200

INVESTORS:

CGAP

Creation Investments

Creation Investments Capital Management

LLC

Promus Equity Partners

UM Social Venture Fund

Momentum

FUNDED

NO

TOTAL FUNDING

$5.5 M

DATE OF LAST FUNDING

Jul 2011

LISTED

NO

Innovation Programs

Sign up for 7 days free trial with MEDICI Inner Circle to follow and track profiles you care about.

Five Biggest AML Fines on Banks
‘Buy Now, Pay Later’ in India
India InsurTech Report 2020
RegTech Top 21 2020

Join the exclusive global FinTech community

Be a part of the global FinTech community on WhatsApp

Eko

About

Eko India Financial Services Private Limited provides mobile-based platform for banking, savings, payment, merchant transactions, bill payment, and cash collection services.

Focus

PRODUCTS & SERVICES

Online transactions for ‘cash’ customers — Over 90 percent of India’s population or 1.2 billion people are employed in the informal sector and largely earn in cash. Started in September 2007, Eko has built the largest network to convert cash to digital in India, extending beyond 100k merchants across 150 cities, serving a registered customer base in excess of 40 million. Eko adds 5k merchants and close to a million customers and processes over US$230 million in transactions per month, a figure growing by 6 percent each month since August 2015 when Eko went live with its Prepaid Payment Instrument (PPI) license issued by the Reserve Bank of India. Eko converts cash to digital and enables payments for 11 services provisioned by 23 service provider partners. These include, domestic money transfer, utility bill payments, recharge for prepaid telephony and prepaid television, cross-border transfers from India-to-Nepal, health and auto insurance, online shopping, Aadhar enabled Payment Services and MSME lending. Eko has an open platform and extends APIs, SDKs, widgets, and white-label UI for both service provider partners and network partners to plug into the platform. Over 180 partners, mostly regional networks spread across the country, plug into Eko’s platform to acquire customers (issue Eko wallets) and merchants. Massive lending opportunity: Cash-to-digital-to-data — With over 80 percent of retail transactions in India still taking place in cash, Eko offers a unique proposition to probe the ‘cash’ transactions. Eko converts cash-to-digital and this conversion generates ‘data’ that is captured by Eko and thereafter leveraged for underwriting. Furthermore, Eko utilizes its ‘cash collection’ capabilities to ensure robust repayment. This model, in beta testing mode, has already extended loans in excess of US$150 million to merchants who otherwise lack a formal ‘credit score’. We are targeting over US$2 billion of working capital loans in the next 2 yrs. Eko is also beginning work with partners to extend loans to end customers, a population that is already at 40 million and growing.

REVENUE MODEL

Eko generates revenue by charging fee for deposits and withdrawal transactions. The fees varies based on the banking partner and type of service provided - varies from 1-2.5%.

TOP PROBLEM SOLVED

Eko converts cash to digital and enables payments for 11 services provisioned by 23 service provider partners. These include, domestic money transfer, utility bill payments, recharge for prepaid telephony and prepaid television, cross-border transfers from India-to-Nepal, health and auto insurance, online shopping, Aadhar enabled Payment Services and MSME lending. Eko has an open platform and extends APIs, SDKs, widgets, and white-label UI for both service provider partners and network partners to plug into the platform. Over 180 partners, mostly regional networks spread across the country, plug into Eko’s platform to acquire customers (issue Eko wallets) and merchants.

PRODUCT DEVELOPMENT STAGE

V2.0 or BEYOND

PRIMARY CUSTOMER TYPE

Small and Medium Business - Physical Retail

Small and Medium Business - Online Retail

Consumer

PRODUCT ATTRIBUTES

SaaS

Customer facing

Traction

NUMBER OF TRANSACTIONS:

10 M

TRANSACTIONS VALUE:

1 M

LIVE USERS/TRANSACTIONS:

Yes, in live production

CHANNEL STATUS

MULTIPLE CHANNELS

People

NUMBER OF EMPLOYEES

51-200

BOARD MEMBERS AND ADVISORS:

Abhishek Sinha, Abhinav Sinha, Tanmoy Majumder

INVESTORS:

CGAP

Creation Investments

Promus Equity Partners

UM Social Venture Fund

Momentum

FUNDED

YES

TOTAL FUNDING:

$6.95 M

LISTED

NO

FUNDING SERIES